If you own more than one property we may transfer the balance of funds from one property (in credit) to another property (in debit). E.g. property A has an outstanding balance of -£700 following recent improvement works and we receive rent of £1000 for property B owned by the same owner, so we may ‘balance transfer’ £700 from property B to property A.
The same principles apply for balance transfers between two tenancies (for the same property). Where costs are incurred (e.g. for repairs) or monies fall due (e.g. compensation) for a prior tenancy and the debts are settled or the monies received after the start of the current tenancy, the balance from one tenancy will be transferred to/from the current tenancy.
The balance transfer entry will appear in both the RECEIPTS and DEDUCTIONS sections of your Annual Financial Statement.
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